DUKE ENERGY DECLARES QUARTERLY DIVIDEND

CHARLOTTE, N.C. – Duke Energy today announced its quarterly cash dividend on its common stock of U.S. $0.275 a share. The dividend is payable on Sept. 16, 2003, to shareholders of record on the close of business Aug. 15, 2003.

This is the 77th consecutive year that Duke Energy has paid quarterly cash dividends on its common stock.

Duke Energy Canada Exchangeco Inc., a subsidiary of Duke Energy, today also announced a quarterly cash dividend on its exchangeable shares of Cdn $0.374 per exchangeable share. The dividend is payable on Sept. 16, 2003, to shareholders of record on the close of business Aug. 15, 2003.

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – meeting the energy needs of customers throughout North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.